NETFLIX INC SEC Filings

Netflix, Inc. updated executive compensation arrangements. Effective January 1, 2026 (with each executive’s written consent), the severance plan expands eligibility to include terminations for Good Reason outside a change-in-control period and changes severance to a lump sum equal to 2x the sum of annual base salary and target bonus, plus the Pro Rata Bonus and a cash payment tied to 18 months of COBRA premiums for medical, dental and vision.

The company clarified that post-termination Retirement vesting may continue if award terms allow and criteria are met. It amended outstanding RSU and PSU awards so that, upon Retirement more than 12 months after grant and meeting criteria, awards continue on their regular schedule. The definition of a Qualifying Termination now includes Good Reason at any time; outside a change-in-control period, RSUs vest for the next 12 months plus pro‑rata, and PSUs vest based on actual performance for 12 months plus pro‑rata. Time-based vesting now requires continued status as an Employee.

Netflix (NFLX) approved a ten-for-one forward stock split. The Board authorized an amendment to the certificate of incorporation to effect the split and proportionately increase authorized common shares. Shareholders of record as of the close on November 10, 2025 will receive nine additional shares for each share after the close on November 14, 2025. Trading is expected to begin on a split-adjusted basis on November 17, 2025.

Netflix, Inc. reported solid Q3 2025 growth. Revenue reached $11.51 billion, up 17% year over year, as all regions contributed: UCAN $5.07B, EMEA $3.70B, LATAM $1.37B, and APAC $1.37B. Operating income rose 12% to $3.25 billion; operating margin was 28.2% versus 29.6% a year ago. Net income increased 8% to $2.55 billion, with diluted EPS of $5.87, up from $5.40.

Cash from operations was $2.83 billion for the quarter, and cash, cash equivalents and restricted cash ended at $9.29 billion. Deferred revenue was $1.73 billion. Content assets, net, were $32.64 billion and total content obligations were $20.94 billion.

Netflix repurchased 1.53 million shares for about $1.9 billion in the quarter and $7.0 billion year to date, leaving $10.1 billion authorized. Long-term debt stood at $14.46 billion after repayments during the nine-month period; there were no borrowings under the $3 billion revolving credit facility or the $3 billion commercial paper program as of September 30, 2025. The company recognized approximately $619 million of non-income tax expense related to Brazilian tax matters within operating expenses.

Netflix furnished an update on its latest quarter. On October 21, 2025, the company announced financial results for the quarter ended September 30, 2025 and provided a Letter to Shareholders as Exhibit 99.1. That letter includes non‑GAAP financial information with GAAP reconciliations in tabular form within the exhibit. The company also noted it cannot reconcile forward‑looking non‑GAAP measures without unreasonable effort due to the timing and variability of items like property and equipment and currency impacts.

Ann Mather, a Director of Netflix, Inc. (NFLX), reported exercising a Non-Qualified Stock Option on 10/01/2025 that resulted in acquisition of 54 shares of common stock. The form shows the transaction was an acquisition (Code A), the option became exercisable on 10/01/2025 and expires on 10/01/2035. The filing lists a figure of $1,170.9 associated with the derivative security and reports 54 shares owned following the transaction, held directly. The Form 4 was signed by an authorized signatory on behalf of Ms. Mather on 10/02/2025.

Anne M. Sweeney, a Director of Netflix, Inc. (NFLX), reported a transaction dated 10/01/2025 in which she acquired 54 shares through exercise of a Non‑Qualified Stock Option. The filing lists a figure of $1,170.9 in the derivative section and shows 54 shares of common stock beneficially owned following the transaction, held directly. The Form 4 was signed on 10/02/2025.

Jeffrey William Karbowski, identified as Chief Accounting Officer, reported exercising a non-qualified stock option to acquire 59 shares of Netflix, Inc. (NFLX) on 10/01/2025. The Form 4 shows the exercise of a Non-Qualified Stock Option with an associated figure of $1,170.9 (as presented on the form) and indicates 59 shares of common stock were acquired and are held directly following the transaction. The filing was signed on behalf of the reporting person on 10/02/2025. The report is a routine Section 16 filing disclosing an insider option exercise and resulting direct ownership of 59 shares.

Reed Hastings, a director of Netflix, Inc. (NFLX), reported a series of transactions dated 10/01/2025. He acquired 42,176 shares by exercising a non‑qualified stock option with an exercise price of $94.09, and on the same date sold the same 42,176 shares in multiple trades at weighted average prices ranging roughly from $1,164.03 to $1,178.99. After those transactions his direct beneficial ownership is reported as 394 shares; he also reports indirect ownership of 2,154,241 shares as Trustee of the Hastings‑Quillin Family Trust. The filing notes that the sales were executed under a Rule 10b5‑1 trading plan adopted 8/8/2023, and discloses a separate acquisition of 53 options with a $1,170.9 exercise price exercisable through 10/01/2035.

Bradford L. Smith, a director of Netflix, Inc. (NFLX), reported on a Form 4 that he exercised a non-qualified stock option on 10/01/2025, acquiring 54 shares of Netflix common stock. The exercise shows a conversion/exercise price listed as $1,170.9. Following the transaction, Mr. Smith beneficially owns 54 shares, held directly. The Form 4 filing was signed by an authorized signatory on 10/02/2025.